Zapata Quantum (ZPTA) Registration filing summary

Company overview and business model

• Operates as a hardware-agnostic quantum software company, focusing on quantum and hybrid quantum-classical computing applications for enterprise and government clients.

• Offers a subscription-based model for its Orquestra platform and related tools, with additional revenue from technical services and government contracts.

• Holds over 60 patents and has participated in all technical areas of DARPA's Quantum Benchmarking program.

• Underwent a strategic realignment in 2024–2025, refocusing on quantum software after a temporary operational suspension due to liquidity constraints.

• Business model relies on direct enterprise sales, channel partnerships, and ecosystem collaborations.

Financial performance and metrics

• No revenue generated in 2025 or Q1 2026 due to operational cessation; $3.9M revenue in 2024.

• Net income of $9.3M in 2025, compared to a net loss of $38.1M in 2024, driven by gains on extinguishment of liabilities and debt restructuring.

• Operating loss of $3.4M in 2025, down from $23.0M in 2024.

• Cash balance of $642K as of March 31, 2026; $13.2M as of June 1, 2026, expected to fund operations for at least 12 months.

• Stockholders' deficit of $9.4M as of March 31, 2026.

Use of proceeds and capital allocation

• Will not receive proceeds from the sale of shares by selling stockholders; proceeds from warrant exercises, if any, will be used for general corporate and working capital purposes.

• Recent capital raises include $15M from Series D preferred stock and warrants in April 2026, and $3M from convertible notes and warrants in June 2025.